ATLANTA, April 7 /PRNewswire-FirstCall/ -- SunTrust Banks,
Inc. (NYSE: STI) has won two 2010 Monarch Innovation Awards from
Barlow Research Associates, Inc. for outstanding products and
features to better serve business clients. With only seven
prestigious awards granted, SunTrust is among an elite group to be
recognized.
Most Innovative Product – eClaim Revenue
Gateway®
SunTrust's eClaim Revenue Gateway, which took top honors in the
Most Innovative Product category, is a revenue cycle management
solution designed to help healthcare providers accelerate insurance
claim submissions and payment collection. This enables
medical and dental practices and hospitals to focus more time and
resources on patient healthcare.
A key innovation of eClaim Revenue Gateway is providing clients
with a single, secure electronic portal for submitting claims to
payers (both insurance and private payers), tracking claims,
checking real-time eligibility, receiving payments and reviewing
payment data relating to the claim.
In addition to providing faster access to cash receivables, a
top priority in today's economy, benefits include maximized cash
flow, improved workflow, enhanced operational efficiency and
reduced errors.
"With the complexity of the insurance industry, the business
side of running a medical practice has become increasingly hard.
eClaim Revenue Gateway is an important product for the
medical community; the platform that SunTrust provides is huge,"
said John O'Connor, one of the judges and partner and co-founder of
Praxis Advisors, LLC.
Most Innovative Feature (Honorable Mention) – Expense
Manager
SunTrust's Expense Manager, which enables detailed reporting of
card and cash transactions against extensive travel and expense
policies, received Honorable Mention in the Most Innovative Feature
category. Expense Manager is a key component within
SunTrust's Enterprise Spend Platform® - a
single online solution for managing travel and entertainment,
procurement and payables processes.
The primary innovation of this product is its ability to
seamlessly integrate a new expense management system with
Enterprise Spend Platform – allowing clients to use one application
to handle all expense management activities. Designed to help
companies track expenses and reduce time involved in the reporting
process, Expense Manager offers clients the ability to
submit and store receipts online through both file upload and
standard fax. The application can accept card transaction
data feeds from multiple card issuers and is available in 15
languages.
"SunTrust is proud to be recognized with the prestigious Monarch
Innovation Awards, which reflect our commitment to developing
unique solutions that help our clients save time and money," said
Nick Alex, senior vice president and
director of product management for SunTrust Treasury & Payment
Solutions. "We recognized that these areas – including
processing healthcare claims and payments and reconciling travel
expenses – were critical challenges for clients and focused us on
delivering innovative processes - with tangible, award-winning
results."
For more information on SunTrust's business solutions, visit
suntrust.com.
About SunTrust Treasury & Payment Solutions
SunTrust's Treasury & Payment Solutions division provides a
complete range of integrated treasury solutions to help clients
effectively manage their payables, receivables, and cash position.
These solutions enable companies of all sizes to better navigate
today's complex payments environment, overcome time and staffing
constraints, and implement appropriate financial and operational
controls. Reflecting SunTrust's strong commitment to helping
clients be successful SunTrust recently one nine Greenwich
Excellence Awards across small business and middle market banking.
SunTrust is also a top 10 commercial card issuer and cash
management provider in the United
States.
About SunTrust Banks, Inc.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest
banking organizations, serving a broad range of consumer,
commercial, corporate and institutional clients. As of
December 31, 2009, SunTrust had total
assets of $174.2 billion and total
deposits of $121.9 billion. The
Company operates an extensive branch and ATM network throughout the
high-growth Southeast and Mid-Atlantic states and a full array of
technology-based, 24-hour delivery channels. The Company also
serves clients in selected markets nationally. Its primary
businesses include deposit, credit, trust and investment
services. Through various subsidiaries the Company provides
mortgage banking, insurance, brokerage, investment management,
equipment leasing and capital markets services. SunTrust's
Internet address is SunTrust.com.
About Barlow Research Associates, Inc. (BRAI):
Barlow Research Associates, Inc. was founded in 1980 to provide
research and consulting services to the banking industry in the
U.S. and overseas. BRAI specializes in custom research, strategic
consulting and syndicated research programs in small business,
middle market and Internet banking. All three syndicated programs
provide a continuous flow of market knowledge and competitive
intelligence to member institutions. www.BarlowResearch.com
SOURCE SunTrust Banks, Inc.